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On a knife edge between hope and paranoia

Business on both sides of the Atlantic has given up expecting co-ordinated leadership

Martin Sorrell

November 29 2011, 12:01am, The Times

Looking at the UK and global economy there are reasons to be cheerful and reasons to be fearful to the point of paranoia.

In his Autumn Statement today the Chancellor will reiterate the austerity mantra that the Government does not have any money. In our view and experience at WPP the coalition has done the right thing so far by focusing on limiting the deficit. Public spending has not been cut, but is no longer rising as rapidly as it was. As a result external confidence in the Government’s policy and sterling has been confirmed through vitally low interest rates.

Meanwhile, British companies have plenty of money. Some are spending it on advertising to defend or increase their market share in difficult times. Our UK…